The AM Roundup: UBS Trader Is Jailed for Seven Years, More

Former UBS trader Kweko Adoboli arrives at Southwark Crown Court in London on Tuesday.

Convicted: Former UBS AG trader Kweku Adoboli was found guilty of fraud and sentenced to seven years in prison in connection with a $2.3 billion loss that hobbled the Swiss bank and triggered an upheaval there whose repercussions continue to this day. WSJ

Talks fail: Hostess Brands Inc. will continue down the path to a full liquidation after a last-ditch mediation session with its striking bakers’ union failed to save the Twinkie maker. WSJ

Settled: Lululemon Athletica Inc. and Calvin Klein Inc. agreed to settle a patent suit over yoga pants, the companies said, though they kept details of the deal confidential. Lululemon had accused Calvin Klein of infringing design patents for its popular $98 “Astro Pant.” The case gained attention in the intellectual property and fashion worlds, as Lululemon sought to carve a new path by filing and litigating patents secured on the basis of its designs. WSJ

Black Friday: Wal-Mart Stores Inc. won’t be able to get an injunction in time to halt hundreds of protests planned at its stores during Thanksgiving weekend, according to federal labor officials who are still evaluating a complaint the retailer filed last week. WSJ

Follow up: New York’s top prosecutor filed a civil lawsuit alleging Credit Suisse Group committed a multibillion-dollar fraud by failing to do proper checks on mortgage bonds, just a day after the Securities and Exchange Commission closed an inquiry into the Swiss bank involving similar allegations. Credit Suisse rejected the allegations, saying Mr. Schneiderman had recycled “baseless claims from private lawsuits.” WSJ

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